Jim MacInnes – Peak Oil

Video Transcript:

Well, Peak oil is the maximum rate of production of an oil field, and recognizing that an oil field is a finite resource and subject to depletion. And a number of the other finite resources, such as natural gas and coal will also be subject to similar depletion curves. And there was a gentleman by the name of M. King Hubbard, he was a USGS geologist, that predicted that US oil production would peak around 1970, and it did. And Mr. Hubbard also predicted that world oil production would peak somewhere around the early part of the 21st century, and we may be there, or close now.